Fynsa
The central bank will consider factors other than inflation for its monetary policy, such as the current account deficit, financial conditions and international trade.
Most baseline scenarios for 2023 assume either a soft landing or a mild recession, under the assumption that inflation will decelerate significantly and that the terminal policy rate would be in the range of 5.0% - 5.25%.
The risk of reducing the MPR and then having to reverse it due to a misreading of the information is much higher than leaving it at 11.25% for longer than appropriate.
The Chilean economy is in such a state of disarrangement that it cannot act as it is accustomed to in this type of situation.
For the time being, we continue to expect an increase in the TPM to reach a maximum level of 9.5%.
